The Mechanism And Empirical Research Of Internet Finance Affecting Eco-efficiency

Since the reform and opening up,China's economy has achieved a rapid development,but the frenzied growth is at the expense of the consumption of resources and energy and the deterioration of the ecological environment.In recent years,the frequent smog weather pollution problems in many cities have forced China to upgrade its ecological efficiency and promote green development.As a pathfinder of the modern financial system,Internet finance can play an active role in promoting the transformation of economic development.But how Internet finance actually plays its role has not yet been clarified.Therefore,it is necessary to study the path and effect of Internet finance to promote eco-efficiency.The content of this paper is mainly divided into the following five parts: first,this paper introduces the research background and significance,research content and research methods;Secondly,this paper reviews the research status at home and abroad,and comments on the theoretical and practical significance of this paper.Then,based on the Internet financial business form,from the payment business,financing business,financial management business,service platform four aspects of the development of China's Internet finance status;Then,by referring to a large number of literatures,this paper discusses and analyzes four paths for Internet finance to influence ecological efficiency,including industrial upgrading,technological innovation,capital weakening and resource allocation.Among them,the financial,through its industrial upgrading effect refers to the Internet technology and platform advantage affect investment and to influence the supply and demand structure of the deepening of the industrial structure and rationalization of industrial structure and highly important industry by promoting the proportion of increase and industry technology progress to role in ecological efficiency,rationalization of industrial structure by promoting industry between elements configuration and industry specialization actively promote ecological efficiency;Technological innovation effect refers to that Internet finance influences the input structure and output structure of technological innovation through promoting external technological innovation and endogenous technological innovation,and then promotes the improvement of ecological efficiency.Capital weakening effect means that the emergence of Internet finance will crowd out bank deposits and increase the cost of bank deposit acquisition,which will weaken the capital supporting effect of traditional finance and further transmit the impact toecological efficiency.Resource allocation effect refers to that Internet finance,relying on strong technical support,can effectively alleviate information asymmetry,improve capital allocation efficiency,expand financial coverage,promote inclusive finance,strengthen and supplement the efficiency of traditional financial resource allocation,and finally play a positive role in ecological efficiency.Finally,based on the sample data of 190 prefecture-level and above cities in China during 2014-2015,this paper empirically analyzed the influence of various mechanisms on ecological efficiency and their respective importance by using mixed OLS and short-panel fixed effect model.The main conclusions are: First,Internet finance has a significant positive impact on ecological efficiency;Secondly,the four business sub-indexes of Internet finance have a significant role in promoting ecological efficiency,among which the Internet finance investment business has the greatest impact on ecological efficiency,followed by Internet payment,Internet money fund and Internet insurance.Moreover,China's industrial structure is not "service-oriented" enough,the per capita savings level is not good enough to meet the needs of economic growth and environmental protection funds,funds use efficiency is not high,"four trillion" bailout plan caused resource and environmental problems;Finally,all the four paths have significant effects on improving ecological efficiency.Among them,technological innovation exerts the greatest force,industrial upgrading takes the second place,and resource allocation is the least.Based on the empirical conclusion,this paper puts forward some Suggestions,such as further promoting the optimization of Internet finance supply with the help of Internet technology,promoting the improvement of Internet finance investment and financing efficiency,strengthening its anti-risk strength and comprehensively promoting the development of green Internet finance.